Gulf of Maine Offshore Wind Auction Yields Limited Success
The Biden administration's final offshore wind auction before the upcoming election saw only half of the offered leases sold, highlighting industry challenges.
- The auction raised $21.9 million from bids on four of the eight available lease areas, with Avangrid and Invenergy emerging as the primary winners.
- This sale marks the first commercial auction for floating offshore wind in the Atlantic, a crucial step in expanding offshore wind energy in the U.S.
- The auction's modest outcome reflects ongoing industry struggles, including high costs, supply chain issues, and a recent construction accident.
- Despite the sale's limited success, the leased areas have the potential to power over 2.3 million homes, contributing to the Biden administration's clean energy goals.
- The auction results come amid political uncertainty, with former President Trump pledging to halt offshore wind projects if elected.
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